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Offshore Banking: Is It REALLY Illegal?

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THERE IS NOTHING INHERETLY ILLEGAL ABOUT OFFSHORE BANKING
Most of the stigma that surrounds offshore banking is attributed to questionable personalities who use it as an avenue to hide their illegally sequestered funds, wealth or taxable property and/or to evade paying high taxes that come with having great assets. Transferring funds to holding companies outside your country of residence is not technically considered an immoral or illegal act despite that fact that its existence might have been inspired by these unlawful activities in the first place.

It is not criminal to open offshore accounts if you yourself do not intend them to be. Howver, it does entail bad business not necessarily for you but for local banks and local governments who would miss out on turning in profits from you through service or taxation. In reality, they are the ones who suffer most from both legitimate and illegitimate offshore dealings. On the flip side, they desire that the bad publicity attached to opening offshore accounts remain to dissuade locals from taking their finances elsewhere.

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WHEN IS OFFSHORE BANKING TRULY ILLEGAL?
People are quick to assume the worst when it comes to offshore banking. Be prepared to be monitored for suspicious activity at all times. But if your intensions and means for opening offshore account are found to be legally sound then you have no reason to worry.

So, when is offshore banking considered unlawful? When they are used for the following purposes:

1. TAX EVASION
It is dangerously easy to opt out of declaring your offshore accounts. They are not found within your country of residence and therefore very easy to keep them under wraps else risk having them open to scrutiny and taxation. But if you think it is equally easy not get found out then you’re wrong. More and more efforts are dedicated to prevent this illegal practice from happening since they have occurred one too many times in the past. You are obligated to declare your assets whether they are in foreign territory and pay the commensurate taxes for them in the country in which you reside. If you intend to open an offshore account to hide your assets and commit tax evasion then you are committing a criminal offense, which is punishable by law.

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2. MONEY LAUNDERING
Offshore banking, unfortunately, is a very effective means to commit money laundering, which is also a grave criminal offense. People whom have their funds that have been obtained illegally, whom use this money to open offshore accounts in foreign territory to make them appear ‘legitimate again’ is what gives offshore banking such a negative reputation.


WHY YOU SHOULD NOT DISREGARD OFFSHORE BANKING

It is a legal and wholly legitimate financial option for those whom would like to insure themselves with the means in the event a government dispute or recession occurs. Placing your assets in foreign lands is actually very good for the international economy. It’s what makes international business to thrive. Global money transfer will never be considered criminal and offers you a host of financial benefits. Just make sure you do it right.
 

maiden

New member
Yeah I agree that US government is very strict. That's why we need this offshore things for our business.
 

johnskywalker

Active Member
But the fact there are a lot of people who use offshore banking for their business and haven't been caught doing illegal things.
I just think that US wanted companies to be built in their own land not in other countries because they can't get a share from whatever country these offshore accounts are living on.

Its just very ironic because most of their companies manufacture in China because of the cheaper labor cost LOL
 

erzascarlet

New member
I just think that US wanted companies to be built in their own land not in other countries because they can't get a share from whatever country these offshore accounts are living on.

Its just very ironic because most of their companies manufacture in China because of the cheaper labor cost LOL
I'm agree with that statement. They're so greedy that's why they try to accused offshore company.
 

burden

Mentor Group Gold
In Romania, Latvia and Ukraine no one will ever ask you if you are doing business outside of the country because they think their people are to stupid to do that. If someone from the tax office is asking and do trouble you put €300 on the table and can go and proceed as you like. No problems to open offshore bank accounts there!
 

deadpool

Active Member
In Romania, Latvia and Ukraine no one will ever ask you if you are doing business outside of the country because they think their people are to stupid to do that. If someone from the tax office is asking and do trouble you put €300 on the table and can go and proceed as you like. No problems to open offshore bank accounts there!
I still think going legally is safe for long term. Under the table deals comes with a disclaimer.
 

BelizeFinancial

Corporate Services
Business Angel
If this is somehow illegal to open and hold an offshore account with any offshore bank than I'm doing something illegal. ;)
 

myshufflemix

Active Member
Why do you think it is illegal. Nothing illegal in owning an offshore account. The problem starts when you use it and don't pay tax :D
 

sigurdto

New member
When you say it's not illegal to open an offshore account you didn't mentioned that it may be illegal to use the account without to inform your tax office or do you?
 

Jack Dui

Active Member
In Romania, Latvia and Ukraine no one will ever ask you if you are doing business outside of the country because they think their people are to stupid to do that. If someone from the tax office is asking and do trouble you put €300 on the table and can go and proceed as you like. No problems to open offshore bank accounts there!
Interesting!!! Actually it's happening not only in Romania and Ukraine but also other parts of the world.
 

crispgo

New member
For someone living in the 3rd world country in Europe it is not a problem if it is illegal or not. The authorities here give a shit about it and we can do what we want. Tax here is flat €1000 regardless how much you do in profits as long as you live here. So I need to make money and I need a great and stable offshore account with debit card. Where can I get it please?
 

infotrader

New member
Thanks for the useful guide. Is there any way to ensure being entirely legal? I would assume, it would not favor other agendas. I am wondering, is there a way, I could flaunt my offshore accounts openly.
 
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